Sun, Sep 6, 2020 5:33 PM
Investing in digitisation in big way: Amrutanjan Health Care
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ICICI Bank's board of directors approved an increase in shareholding in the lender's general insurance subsidiary, ICICI Lombard General Insurance, as it aims to establish the company as a subsidiary of ICICI Bank. The bank plans to acquire an additional 4% stake in multiple tranches, in line with applicable laws, to ensure compliance with Section 19 (2) of the Banking Regulation Act, 1949.
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Sales of non-performing assets to asset reconstruction companies and technical write-offs of extremely sticky ones helped the microfinance sector reduce its bad-loan stockpile by around a seventh to Rs 36,600 crore at the end of March. Banks including the country's largest microfinance lender, Bandhan Bank, account for about 45% of the sectoral bad loans, industry sources said.
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Shares of SAIL saw their sharpest jump in three months Monday after its management guided for a 15% growth in sales volumes and lower costs for FY24 and set a target of nearly doubling annual output in eight years. Shares rose more than 3% intraday before closing at ₹84.35, up 2.7% from the previous close. Most analysts have retained their 'hold' or 'neutral' rating for the shares.
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